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Joint Accounts

Joint Accounts

Old Aug 9th 2005, 10:21 pm
  #16  
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Default Re: Joint Accounts

Originally Posted by rincewind
Hell no

The only thing in joint names are life insurance, health insurance, motor insurance and the telephone account.

At the end of the day, what difference does it make?? It may help USCIS when it comes to proving you live together but it's not that important.

If both of you are working, I don't see what the problem is.
joint accounts are beneficial for tax purposes is one partner dies.

I think the term is 'rights of survivorship' or something

all the accounts we have are technically and legally joint, however we both have our 'own' individual account that our respective salaries get paid into and we transfer funds from that into a 'household' expenses account. these account are not messed around with by each other.

my wife did bring up the issue of completely combining our money but I dissuaded her with the idea of me holding her accountable for spending if its coming from a joint account. right now I don't give a shit what she does with her cash and she has no say in how i spend mine.
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Old Aug 9th 2005, 10:22 pm
  #17  
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Default Re: Joint Accounts

Originally Posted by sibsie
He wants the house to stay in his name along with all his assets. He said if I bring my money over then we have have a joint current account which I'm not especially keen on as he's a bit of a control freak. Things aren't especially fantastic so I want my money as emergency exit money if needs be. He reckons we don't have a "proper" marriage until I've done it so I'm under quite a bit of pressure
There's something wrong there Sibsie, he wants his house and assets for himself and now he wants your money. Stand firm and keep that money for yourself. Tell the control freak that taking your money doesn't make a "proper marriage."
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Old Aug 9th 2005, 10:24 pm
  #18  
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Default Re: Joint Accounts

Originally Posted by sibsie
He wants the house to stay in his name along with all his assets. He said if I bring my money over then we have have a joint current account which I'm not especially keen on as he's a bit of a control freak. Things aren't especially fantastic so I want my money as emergency exit money if needs be. He reckons we don't have a "proper" marriage until I've done it so I'm under quite a bit of pressure

depending on what state you live in its possible that legally the house is in your name regardless of whether your name is on the title

in tennessee I can buy as many houses as I like on my own, but if i want to sell them I need her signature...

Personallt I would go to this nice establishment www.ingdirect.com and open an account in just your name. (thats if you want the cash here)

although based on some of your other posts it seems like you are possibly investigating adding yourself to the US marriage failure statistics...
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Old Aug 9th 2005, 10:27 pm
  #19  
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Default Re: Joint Accounts

Originally Posted by BritGuyTN
although based on some of your other posts it seems like you are possibly investigating adding yourself to the US marriage failure statistics...
Well going back to London is something I'm planning on doing but I really need at least six months to get my sh*t sorted out first.
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Old Aug 9th 2005, 10:27 pm
  #20  
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Default Re: Joint Accounts

Originally Posted by sibsie
He reckons we don't have a "proper" marriage until I've done it so I'm under quite a bit of pressure
I'd have to argue that a "proper" marriage doesn't involve one partner strong-arming the other or taking power over the other emotionally, physically, or financially.

Don't do it.

Just curious, and if this is too personal, just say so....wondering if he made you sign a pre-nup? Personally, I'm not totally against prenuptial agreements---it may be a sign that a relationship is stronger in that the partners are able to discuss finances fully and aren't hiding anything. But, there's the "flip side control freak" thing too.

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(who wishes Sibs the best of everything. XOXO)
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Old Aug 9th 2005, 10:29 pm
  #21  
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Default Re: Joint Accounts

Originally Posted by sibsie
He wants the house to stay in his name along with all his assets. He said if I bring my money over then we have have a joint current account which I'm not especially keen on as he's a bit of a control freak. Things aren't especially fantastic so I want my money as emergency exit money if needs be. He reckons we don't have a "proper" marriage until I've done it so I'm under quite a bit of pressure
You don't have a "proper" marriage until you've effectively signed all your money into his name??? Which friggin' century is this guy living in?

Does he know precisely how much you have? Is it possible to sign some of it over to, e.g. Mum, sister, close friend so that you still have your emergency exit money come what may?

Tell him you don't have a "proper" marriage until your name is on the deeds of the house you are living in and see what his response is to that. If he wants the assets which he had before he met you to remain in his name, then fair enough. However, it's only right that he allows you to keep your assets as well. Either everything is joint or nothing is.

Don't give in on this, Sibsie - seems to me like if you do, this guy will control your whole life. Go with your gut instinct, which is telling you to keep your emergency money. If you give it up, you won't be able to walk out of there if you ever need to.
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Old Aug 9th 2005, 10:29 pm
  #22  
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Default Re: Joint Accounts

Originally Posted by sibsie
Mr Sibsie and I are having this "thing" over joint accounts. At the moment our finances are separate. I have a monthly income which goes into my account and his salary goes into his. We don't have a mortgage for me to contribute as the house is his outright and in some trust thing in his name alone.

I have some savings in Euros which Mr Sibsie wants to put into a joint $ account but I'm for various reasons, I'm not keen on bringing it over here. I have no prob in making him a beneficiary on my accounts but he's adamant that my money has to be in joint names. Suffice to say it's causing some tension! :scared:

Do you all bother with joint accounts for everything?
I, personally, don't have a problem having joint accounts with my spouse.

However, having some accounts that involve credit in one's own name is a pretty good thing if one is a woman because this will mean one has standalone credit.

Divorced and widowed women suffer if they have lived pretty much all their adult lives with joint accounts with their spouse.

On the other hand, from a US immigration standpoint, joint accounts is a good thing because it is evidence of "comingled assets".



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Old Aug 9th 2005, 10:39 pm
  #23  
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Default Re: Joint Accounts

Sibsie, it has to be all or nothing! If he wants you transfer your dosh over and put it in joint names, he needs put his assets in joint names too. Fairs, fair! Stand firm girl!
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Old Aug 9th 2005, 10:39 pm
  #24  
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Default Re: Joint Accounts

Mr and Mrs FB have always had joint accounts. And where there can't be joint accounts for business, tax or nationality reasons, the other always has access. My thinking is that it's either a marriage or it isn't; if it is, you need joint access to the money.
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Old Aug 9th 2005, 10:40 pm
  #25  
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Default Re: Joint Accounts

Originally Posted by SecretGarden
Just curious, and if this is too personal, just say so....wondering if he made you sign a pre-nup?
No there was no prenup. His assets are really well protected in all sorts of trusts and there really isn't anything in his name, though it's all in his name. I paid the entire rent last year when we were renting and spent about $60k with that, furnishing the place and moving over. I'll take that as a loss but really need to hang on to what money I've got left.

I'm going back in Sept for a quick visit and I was hoping to hang in for six months to get the pet passport thing sorted out. Worse case scenario, I have a really good friend here who lives over the road and would help out with the cat. I just need a convincing argument to get him off my back for a little while.

Blimey, don't I sound cheerful!
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Old Aug 9th 2005, 10:43 pm
  #26  
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Default Re: Joint Accounts

Everything is joint in this household butIf I were Sibsie I think I leave things as they are. As has been said everything in joint names from your point of view. Maybe he has sussed that things are not as they should be and is trying to block the escape.
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Old Aug 9th 2005, 10:48 pm
  #27  
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Default Re: Joint Accounts

Originally Posted by sibsie
No there was no prenup. His assets are really well protected in all sorts of trusts and there really isn't anything in his name, though it's all in his name. I paid the entire rent last year when we were renting and spent about $60k with that, furnishing the place and moving over. I'll take that as a loss but really need to hang on to what money I've got left.

I'm going back in Sept for a quick visit and I was hoping to hang in for six months to get the pet passport thing sorted out. Worse case scenario, I have a really good friend here who lives over the road and would help out with the cat. I just need a convincing argument to get him off my back for a little while.

Blimey, don't I sound cheerful!
He had a house in his name with no mortgage payable and you were renting

What was happening with his house during this time?
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Old Aug 9th 2005, 10:50 pm
  #28  
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Default Re: Joint Accounts

Originally Posted by sibsie
He wants the house to stay in his name along with all his assets. He said if I bring my money over then we have have a joint current account which I'm not especially keen on as he's a bit of a control freak. Things aren't especially fantastic so I want my money as emergency exit money if needs be. He reckons we don't have a "proper" marriage until I've done it so I'm under quite a bit of pressure
Noooooo.....

Is Maine a community property state?

You can have a chat with an accountant as to state law.

I think everyone should have some assets of their own; so does he, as he's kept the house and other assets in his name.

You don't have a "proper" marriage until the house is in both of your names.

Do either of you have wills? Children of your own?

I'd leave the money where it is, check with an accountant as to your status to the house etc were he to die, and make a will.
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Old Aug 9th 2005, 10:51 pm
  #29  
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Default Re: Joint Accounts

Originally Posted by Wintersong
He had a house in his name with no mortgage payable and you were renting

What was happening with his house during this time?
Maybe it was rented out at a higher rent and resulted in rental income. Where'd the income go? Who paid the taxes on it?

He obviously feels a need to protect some of his assets and if he doesn't understand that Sibsie wants to protect some of hers, then.....
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Old Aug 9th 2005, 10:52 pm
  #30  
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Default Re: Joint Accounts

Originally Posted by Wintersong
He had a house in his name with no mortgage payable and you were renting

What was happening with his house during this time?
Long story cut short. Before we married and before I moved over here he told me that his place was totally unsuitable. It's his house, in his name and he owns it outright but his mother and her husband also live in it. His mother has emphasema (sp?) and had signed the house over to him five years previously to avoid the Mass Medicare taking the house if and when she went into a care home.

He'd made a basement apartment but he was adamant that it was too small for two people. So I found us a place to rent and I paid the rent for it. When the lease was up he said that the basement apartment was fine and off we went to it with me kicking and screaming in protest.
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